JELD-WEN Inaugural Investor Day

May 18, 2021

JELD-WEN

Inaugural

Investor Day

© 2021 JELD-WEN | Investor Day

Forward-Looking Statements

This presentation contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking

statements include statements regarding our business strategies and ability to execute on our plans, market potential and growth opportunities, future financial

performance, shareholder value, customer demand, the potential of our categories, brands and innovations, the impact of our footprint rationalization and

modernization program, our pipeline of productivity projects, our targets and outlook for future periods, and our expectations, beliefs, plans, objectives, prospects,

assumptions, or other future events. Forward-looking statements are generally identified by our use of forward-looking terminology such as “anticipate”, “believe”,

“continue”, “could”, “estimate”, “expect”, “intend”, “may”, “might”, “plan”, “potential”, “predict”, “seek”, or “should”, or the negative thereof or other variations thereon

or comparable terminology. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is

based on the current plans, expectations, assumptions, estimates, and projections of our management. Although we believe that these statements are based on

reasonable expectations, assumptions, estimates and projections, they are only predictions and involve known and unknown risks, many of which are beyond our

control that could cause actual outcomes and results to be materially different from those indicated in such statements. Risks and uncertainties that could cause

actual results to differ materially from such statements include risks associated with the impact of the COVID-19 pandemic on the company and our employees,

customers and suppliers, and other factors, including the factors discussed in our Annual Reports on Form 10-K and our other filings filed with the Securities and

Exchange Commission. The forward-looking statements included in this presentation are made as of the date hereof, and except as required by law, we undertake

no obligation to update, amend or clarify any forward-looking statements to reflect events, new information or circumstances occurring after the date of this

presentation.

Non-GAAP Disclosure

This presentation presents certain “non-GAAP” financial measures. The components of these non-GAAP measures are computed by using amounts that are

determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A reconcilia tion of non-GAAP financial measures

used in this presentation to their nearest comparable GAAP financial measures is included at the end of this presentation.

2


A Compelling Investment Opportunity

Gary S. Michel | President and CEO

A Sustainable Competitive Advantage - JEM

Gregg Miner | SVP Global JEM

Multi-faceted Growth Opportunities in North America

Daniel Castillo | EVP and President, North America

JELD-WEN Accelerated Growth (JAG)

Shawn Laskoski | SVP Corporate Strategy and Business Development

Multi-faceted Growth Opportunities in Europe

David Guernsey | EVP and President, Europe

Our ESG Ambition

Roya Behnia | EVP, General Counsel and CCO

Delivering Exceptional Shareholder Returns

John Linker | EVP and CFO

3

Video: JELD-WEN Excellence Model (JEM)

Video: Improving Cycle Time and Productivity Through JEM

Q&A Session

Video: Accelerating Growth Through JEM

Q&A Session


A Compelling

Investment

Opportunity

4

Gary S. MichelPresident and CEO


A Compelling Investment Opportunity

5

Multi-faceted

GROWTH

STRATEGY

≈ç

Proven

STRATEGY

and BUSINESS

OPERATING

SYSTEM

WORLD-CLASS

FRANCHISE

with BREADTH

and SCALE

© 2021 JELD-WEN | Investor Day 6

JELD-WEN EXCELLENCE MODEL

Accelerate

Organic Growth

Operational

Excellence and

Margin Expansion

Cash Flow

and Disciplined

Capital Allocation

Premier Performing

Culture

World-Class Financial Performance and Shareholder Returns

Strategic Growth Drivers Delivering Results

6

MARKET LEADER | STRONG BRANDS | UNRIVALED PRODUCT BREADTH | GLOBAL OPERATING PLATFORM


Values-Driven

Culture Based on

Our Deep Roots…

As one global team, we:

BUILD businesses ethically and safely

INVEST in people

INSPIRE customers through innovation

DELIVER on our promises

IMPROVE every day

7

…and the foundation of our future.


Doors65% Windows

20%

Ancillary15%

2020

Revenue

~$4.2B

Strong Brands with Broad Product Offering

8

RESIDENTIAL

INTERIOR DOORS

• Molded and flush

• Wood veneer and glass

• Stile and rail doors

• Value added services

RESIDENTIAL

EXTERIOR DOORS

• Wood veneer, Fiberglass, and Steel

• Patio doors

• Folding and sliding wall systems

• Value added services

COMMERCIAL

DOORS

• Wood

• Steel

• MDF

• Fire rated

RESIDENTIAL

WINDOWS

• Wood

• Vinyl

• Aluminum

ANCILLARY

PRODUCTS

• Shower enclosures

• Closet systems

• Molding and trim boards

PORTFOLIO OF TRUSTED BRANDS BREADTH OF PRODUCT OFFERING


$4.2B

Profile of a Global Leader

2015 - 2020 Adj.EBITDA CAGR

80 bpsRevenue from North America Segment

Revenue from Stable Repair and Renovation Market

4.6% 50%

60%2020 Adj. EBITDA Margin Expansion

2015 - 2020 Revenue CAGR

9

7.5%

2020 Net Revenue

Global leader in windows and doors operating in

North America, Europe and Australasia#1


Aspiring to be a

“Great Company”

10

CUSTOMERS want to BUY from

Where PEOPLE want to WORK

SHAREHOLDERS want to INVEST in

Doing the RIGHT THING for PEOPLE,

our COMMUNITIES, and the WORLD


Proven Experience and

Thought Leaders in:

Strategy

Growth

Operational Excellence

Lean

Diversity, Equity

and Inclusion

Sustainability

Mergers and Acquisitions

Delivering Results

Experienced Leadership Team Delivering Results

11

GARY MICHEL

President and Chief

Executive Officer

JOHN LINKER

Executive Vice President and

Chief Financial Officer

ROYA BEHNIA

Executive Vice President,

General Counsel and Chief

Compliance Officer

TIM CRAVEN

Executive Vice President,

Human Resources

DANIEL CASTILLO


President, North America

PETER FARMAKIS


President, Australasia

DAVID GUERNSEY

Executive Vice President

and President, Europe

MARK DIXON

Senior Vice President,

Global Procurement

SHAW N LASKOSKI


Corporate Strategy and Business

Development

KEVIN LILLY


Chief Information Officer

GREGG MINER


Global JEM Leader

JEM Enables Growth and Margin Expansion

12

JEM Delivers Multiple Growth Levers

EVOLUTION OF LEAN CULTURE

LEADINGStrategy and

Growth Focus

Leadership and

Growth Excellence

LIVING System FocusCommercial and

Operational Excellence

DOING Tool FocusContinuous Improvement

Culture



Universal (“U”) Strategy for Growth

13

PREMIUM MATERIALS FOR

HIGH-PERFORMANCE

EXTERIOR & INTERIOR

BUILDING PRODUCTS

CUSTOMER

EXPERIENCE

CONSTRUCTION

INDUSTRY

PRODUCTIVITY

INNOVATION AND SUSTAINABILITY

Universally applied strategy – across all customer segments,

all regions, all offerings, and all brands


Reliably Boring, Relentlessly Repeatable

14

RELENTLESSLY REPEATABLE “THE WHAT”

• Differentiated, superior customer experience

• Deliver results

• Drive growth

RELIABLY BORING “THE HOW”

• Say-do culture

• Field the best team

• JEM

• ESG


ORGANIC REVENUE

CAGR 2021 -2025

Above market

= 6% to 8%

2025 ADJUSTED

EBITDA MARGIN

15% to 17%

FREE CASH FLOW

CONVERSION 2021 -2025

90% to 100%of adjusted net income

CAPITAL ALLOCATION

2021-2025

~$4 billionof M&A capacity(1);

share repurchase

as alternative

Multi-faceted growth platform will deliver growth, margin expansion,

and compounding cash flow through disciplined capital allocation

High Visibility to Achieving 2025 Targets

15


ESG Strategy Aligned

with Core Values

16

• Sustainable supply chain and circular economy

• Energy efficient product portfolios

• Innovation and research

• Diversity, equity and inclusion

• Health and safety

• Transparency and governance

Building on our legacy and delivering value for all stakeholders


THE JELD-WEN EXCELLENCE MODEL

A Sustainable

Competitive

Advantage

17

Gregg MinerSenior Vice President, Global JEM Leader


JEM DP

VSA

RIESQDCI

MDI

Strat Dep.

Accelerate positive momentum with structured transformation model

Transformation

Model Blueprint

JELD-WEN Excellence Model (JEM)

S U S T A I N A B L E C O M P E T I T I V E A D V A N T A G E

OPERATIONAL EXCELLENCELEADERSHIP AND GROWTH

EXCELLENCE

Six Sigma/Variation

Reduction

Integrated Business

PlanningGoal Deployment

Talent Dev. and

Acquisition

Supply Chain/Material

ProcessesERP Strategic Planning Lean Leadership

ACHIEVE CONTINUOUS IMPROVEMENT CULTURE

Changeover Reduction

(SMED)/TPM

Poka Yoke/Quality At

The Source

Commercial

ExcellenceInnovation Excellence

Manufacturing System

DesignPull/Kanban/Flow

Segmentation and Value

Propositions

Product/Process Dev.

and Validation

Model CellStandard Work w/

Layered Process AuditRACI: Accountability

Project/Diagonal

Management

Gemba Walks5s Workplace

Organization

Transaction Process

ImprovementChange Management

Visual Management: SQDCI and Hour X Hour Boards KaizenValue Stream/

Process Mapping

B A S I C P R O B L E M S O L V I N G ( I N C L U D I N G A 3 )

V O I C E O F C U S T O M E R

E N V I R O N M E N T A L , H E A L T H a n d S A F E T Y

Doing Living Leading

Creating a Sustainable Competitive Advantage

Act

Plan

Do

Check

18


JEM delivers growth, productivity savings and cash conversion

• Sustained differentiated

performance in:

• Cycle time

• Throughput capacity

and growth

• Productivity

• Cash conversion

• End to end value stream mapping

• 14 model plants globally

• Hundreds of lean training activities monthly

• Four new global leaders with 100+ years of collective

experience

• Real time problem solving with daily management

• SQDCI for systemic problem solving

• Accelerating productivity savings

Doing JEM Living JEM Leading JEM

• 80 JEM resources across the

globe

• Hundreds of discrete kaizens

• Basic problem solving via

SQDCI

• Demonstrated productivity

savings

Creating a Premier Performance Culture

RESULTS-DRIVEN BEHAVIOR TO BEHAVIOR-DRIVEN RESULTS

BeliefsValuesHabitsActions

19


Waste Reduction Accelerates Customer Value Delivery

Focus on adding value to the customer – while accelerating growth, margin and cash

JEM – Focus On Value To Deliver Growth

VelocityValue StreamValue

V3

Order

to

Ship

Quote

to

Cash

20


Projects

Just Do Its

Week-long Rapid

Improvement Events

Cultural Transformation

Workshops

Transformation Team

Development

Full Value Stream Analysis

14 Strategic Value Streams Under Transformation

Results

Rapid improvements in less than 30 days

Minimal capital investment required

Actions

Proactive and forward looking

Focused on removing waste, increasing velocity

and delivering value

Detailed Plans in the Model Sites

Each site has customer-centric value streams focus

Creates a body of work to achieve future state

JEM – Building a Model for Long-Term Success

Model Sites

Across Regions

14

3

50%

Lead Time Reduction

2x Productivity

20%

Quality

Improvement

21


1 2 3 4 5 6 7 8 9 10 11 12 13

W E E K S

Improved Special Order Lead Time

in North American Door Facility

Lead Time Days Units/Day

Focus on

Velocity

96% Lead Time

Reduction

3x Higher

Throughput

Velocity Driven Growth

22

Increasing capacity with minimal capital investment


JEM tools and behaviors permeating the entire enterprise

JEM Beyond the Factory Floor

New Employee

Technology:

Hiring and

Recruiting:

Accounting

and Finance:

• Closing Process

• 20% reduction in touch

time (productivity)

• 90% reduction in

weekend work (respect

for every individual)

• Process implemented in North

America – Expanding to

Europe and Australasia

• 18% reduction in Time To Fill

• 50% reduction in approvals

• 33% reduction in cycle time

23


$159

$170

2019 2021 (F)

Footprint rationalization and modernization program driving cost savings,

improved cycle time, enhanced quality, and improved productivity

$100M Savings Target From

Footprint Rationalization Revenue Per Square Foot

Complete

Planning

In Progress

Footprint Rationalization and Modernization

24


Multi-faceted

Growth Opportunities

in North America

25

Daniel CastilloExecutive Vice President and President, North America


End Market Channel Product

Leading doors and windows solutions

Overview

• $2.5B consolidated doors and windows provider in North America

• Strong brand and industry leading market positions in key products

• Multi-faceted growth opportunities

Windows and Doors Leader

in North America

26

Residential New Construction

Repair and Renovation

Non-Residential

Doors

Windows

Value-Added Distribution

Other

Distributors

Retail/Home Center

2 0 2 0 R E V E N U E


Service level improvements yield significant growth opportunity

Competition JELD-WEN

L E A D T I M E

Vinyl Windows

• Best in class talent utilizes JEM to create a winning culture

• Lead time reduction fuels double digit growth rates

• Productivity improves service levels and expands capacity

Prior Current

O R D E R S

Entry Doors

Competition JELD-WEN

L E A D T I M E

Prior Current

O R D E R S

Lead Time Reduction Supports Growth

27


Executing interior molded door cycle time reduction increases production

and supports increased demand to deliver revenue growth…

• ELIMINATING waste through

advanced problem-solving

• DRIVES productivity and increased

throughput

• IMPROVED manufacturing

efficiency by 5 seconds yields up to

5% revenue growth across entire NA

interior molded door footprint

JEM fuels growth opportunities

“Appreciate our strategic business

partners taking care of us during so

much market uncertainty!”

– STRATEGIC TRADITIONAL

CHANNEL CUSTOMER

“Best in Class service management

through COVID environment.”

– MAJOR RETAILER

Increased Velocity Drives Growth

28

“


Significant growth opportunities in all channels

Capacity Expansion Enables Growth

29

• Expanding window capacity through

automation

• Rebalancing capacity to high growth

markets

• Investing in product innovation

Multi-Family Windows Single Family Windows

• Productivity and Capital investments

increase unit capacity ~50% by 2023

• Geographic expansion into new markets

• Expanded service footprint enables ~2x

share growth by 2023


Long term and sustainable competitive advantage

• INTEGRATED value stream analysis from raw material to

finished product

• STANDARDIZED product offering to simplify ordering and

fulfillment, reducing SKU’s from the hundreds to the 20’s

• SOLVED key customer challenge, increasing penetration

with key builder and channel partners

• STREAMLINED end to end process, eliminating waste,

driving efficiencies, and improving the customer experience

• INCREASED throughput and aligned capacity, drives

additional growth opportunities in interior doors and across

product lines

Interior Doors Competitive

Advantage in Value Stream

30


• Hands-Free Assembly

using Robotics

• Automated Guided Vehicle

(AGV’s) transportation

• Multi-functioning tooling

for flexibility

• Single Piece Flow

• Contemporary high-end

sliding door solutions

• Entry door systems with

IoT functionality

• Increasing utilization of

composite wood materials

• Expanding digital

transaction experience

• Field deployment of real

time product support tools

• Developing best in class

order configurator tools

Innovation Fuels Growth

31

Process

Innovation

Product

Innovation

Customer Experience

Innovation

Q&A Session


JELD-WEN

Accelerated

Growth (JAG)

33

Shawn LaskoskiSenior Vice President, Corporate Strategy and Business Development


JEM tools and processes enable multi-faceted growth

JELD-WEN Excellence Model (JEM) JELD-WEN Accelerated Growth (JAG)

JEM is also for Growth

Breakthrough

Innovation

Core

Growth

Inorganic

Growth

34

S U S T A I N A B L E C O M P E T I T I V E A D V A N T A G E

OPERATIONAL EXCELLENCELEADERSHIP AND GROWTH

EXCELLENCE

Six Sigma/Variation

Reduction

Integrated Business

PlanningGoal Deployment

Talent Dev. and

Acquisition

Supply Chain/ Material

ProcessesERP Strategic Planning Lean Leadership

ACHIEVE CONTINUOUS IMPROVEMENT CULTURE

Changeover Reduction

(SMED)/TPM

Poka Yoke/Quality At

The Source

Commercial

ExcellenceInnovation Excellence

Manufacturing System

DesignPull/Kanban/Flow

Segmentation and

Value Propositions

Product/Process Dev.

and Validation

Model CellStandard Work w/

Layered Process AuditRACI: Accountability

Project/Diagonal

Management

Gemba Walks5s Workplace

Organization

Transaction Process

ImprovementChange Management

Visual Management: SQDCI and Hour X Hour Boards KaizenValue Stream/

Process Mapping

B A S I C P R O B L E M S O L V I N G ( I N C L U D I N G A 3 )

V O I C E O F C U S T O M E R

E N V I R O N M E N T A L , H E A L T H a n d S A F E T Y


Universal (“U”) Strategy for Growth

35

PREMIUM MATERIALS FOR

HIGH-PERFORMANCE

EXTERIOR & INTERIOR

BUILDING PRODUCTS

CUSTOMER

EXPERIENCE

CONSTRUCTION

INDUSTRY

PRODUCTIVITY

INNOVATION AND SUSTAINABILITY

Universally applied strategy – across all customer segments,

all regions, all offerings, and all brands


Create differentiated

position by delivering best

CX at all touchpoints,

enabled by digital

Builder and Consumer Brands

that Generate Pull

Engage Architects, Designers,

and Specifiers

Reinvented End-to-End

Experiences for Builders,

Partners and Homeowners

36

Enhanced customer experience will drive profitable organic growth

… to ensure continued CX

leadership, foundational to

our strategy

EXECUTE PLAN IN

AGILE FASHION

…evergreen capabilities

roadmap and investments

required to deliver

PERPETUAL FUTURE-STATE

CUSTOMER EXPERIENCE

Architects /Designers

HomeownerBuilder

Channel Partner

ACCELERATED GROWTH VIA:

Differentiated Customer Experience

Customer Experience Actions Across Full End-to-End Customer Journey

36


Construction Productivity

Aid construction industry with

productivity challenges and

drive adoption of new methods

that address labor challenges

Market Development for

Emerging Technologies

Turnkey Solutions


Increasing Construction Productivity

Offerings that increase construction productivity present new growth opportunities

Better Products, New Opportunities

Labor Shortages

Global Supply Chain

Construction Dynamics

37

Pre-Fabrication


Current Synergies, Future Opportunities

Entry and Patio Doors

Premium Materials for

High-performance Exterior and

Interior Building Products

Adjacent Opportunities

Interior Doors

Windows


Market Driven Offerings

38

Capital deployment and inorganic activity will accelerate growth

Offering Focus

* Source: JELD-WEN - US Home Builder Survey March 2021

38

*

*


Innovation and sustainability are core to creating growth

ESG AlignmentInnovation Priorities

Innovation Focus Areas Sustainability Focus Areas

Energy Efficiency

Circular Products

Sustainable Processes

Waste / Water Management

Connected Offerings (IoT)

Integrated Product Systems

Construction and

Installation Methods

Material Science


Sustainable Innovation

39


David GuernseyExecutive Vice President and President, Europe

Multi-faceted

Growth Opportunities

in Europe


Driving leadership with service, product and innovation

• Broad portfolio

• Well established brands

• Strong customer relationships

• Residential and Commercial

• #1 or #2 in present markets

• Manufacture close to customers

• Vertically integrated

JELD-WEN is the door

leader in Europe

#1 in doors in Europe

32 Production facilities

€13B Market

12 Brands

Positioned to Grow

Operating from 17 countries

Serving 300M people

41


Big opportunities in markets and segments yet to be addressed

Segment Potential

Solve Product Gaps in Current Footprint

• High Performance Products to UK

and France

• Exterior door opportunities in Germany

and UK

• Steel products to N. Europe

Geography Potential

Pursue Organic and Inorganic expansion

• Adjacent Countries

• Eastern Europe

Share Acquisition

Leverage Brand and Incumbency

• Service Advantage

• e-Commerce

• Product Innovation

Market Addressed by JELD-WEN Market Opportunity for JELD-WEN

€13B*

* Management estimate of European door market size

Leadership and Significant Growth Potential

42


Creates value and efficiency for customers with a unique

approach to lead times for make-to-order product

5 Day

Guaranteed 5 day lead time

Basic product options

Higher price premium

10 Day

Guaranteed 10 day lead time

More complex product options

Moderate price premium

Standard

15-30 day lead time

Technical product portfolio

Standard pricing

• Customer managed configurator

• Differentiated from competitors by rich

product data

• Enables instantaneous quotations

• 20%-40% reduction in order processing time

• EDI to JELD-WEN factory

• Integration with customer’s ERP

• Order confirmation in hours vs days

enabling 5 Plus process

Customer preferred configuration, quotation,

order entry and order management tool

Service proposition enabled by digital platform, unique

manufacturing process and JEM

Creating Value for our Customers

Superior customer experience driving above market growth

43


Actively removing friction from the buying experience

Rapid-development techniques delivered

B2B e-Commerce platforms to France and

the UK in <90 Days

Establishing platform leverageable globally

e-Commerce orders average 40% larger than

traditional order entry

Rapid deployment continues to Northern Europe

Additional business to consumer options offered

through our big box, merchant and online partners

Order cycle time reduced from up to 24 hours

to 30 minutes

Expanding Service

Superiority with e-Commerce

44


The Smart Door

Eco-Options

Continued leadership through innovation

• New product innovations drive about 30%

of our growth

• Securing and increasing our market

leading position

• Addressing developing customer

preferences

• Sustainability

• Connected Home / IOT

Leading Through Innovation

45


Our JELD-WEN Home:

Our ESG Ambition

46

Roya BehniaExecutive Vice President, General Counsel and Chief Compliance Officer


Through our products, processes, and partnerships

we care for people and the planet we call home

M A T E R I A L S T H A T M A T T E R D O O R S T H A T O P E N W I N D O W S T H A T B R I G H T E N

Sustainable Supply Chain

and Circular Economy

Energy Efficient

Product Portfolio

Diversity, Equity and

Inclusion

Innovation and Research

Health and Safety

Transparency, Reporting

and Accountability

Our JELD-WEN Home: Our ESG Ambition

47


Sustainable Supply Chain

and Circular Economy

Materials That Matter: Highlights

Energy Efficient

Product Portfolio

48

• Investing in systems that support cradle-to-cradle product lifecycles

• Manufacturing wood doors that are FSC/PEFC certified or the equivalent

• Increasing proportion of products from recycled materials

• Increasing volume of recycled content across the full product portfolio

• Designing products for circular end-of-use disposal

• ENERGY STAR Partner since 1998

• Targeting ENERGY STAR certification for all new products developed

in North America

• Two product lines certified by the Passive House Institute for energy

efficiency

• Doors made of 100% sustainable materials

• Energy efficiency certified across product lines

• Canadian Northern Tri-Pane Collection™ windows help heating and

cooling and can decrease sound transmission


Materials That Matter:

Cirebon, Indonesia

49


Diverse Representation Female (global) Ethnically Diverse (US)

Workforce 24% 31%

Management 20% 16%

Professional 46% 19%

• Three women on our Board of Directors including first person of color

• Requiring a diverse slate for selection and succession for leadership

positions

• Conducting proactive interventions to eliminate discriminatory bias

Doors That Open: Highlights

50

Diversity, Equity and Inclusion

Innovation and Research

• Hired a global lead for innovation; established global

innovation teams enabled by idea management systems

• Revamping our portfolio management process to increase focus

on transformational and cutting-edge ideas

• Expanding our capabilities and investment in material science

WINDOWS THAT BRIGHTEN: HIGHLIGHTS

• Implementing best-in-class health and safety

management systems, standards and training

requirements to prevent workplace injuries, fatalities

and illness

• 74 full-time employees focused on health and

safety and 50 full-time employees focused on

environmental issues

• Launched health and safety campaign focusing on

12 critical safety rules

Windows That Brighten:

Highlights

51

Health and Safety



• We are building integrated sustainability reporting systems

• Our executive compensation is linked to ESG metrics on

safety, employee engagement and diversity

Windows That Brighten:

Highlights

21,000+ 19 85%

languages response

rate in 2020

associate engagement

surveys sent

Increasing visibility and transparency

52


Our Path

Forward

53


Delivering Exceptional

Shareholder Returns

54

John LinkerExecutive Vice President and CFO


$95

$259

2015 2020

$311

$446

2015 2020

$3,381

$4,236

2015 2020

Demonstrated revenue and earnings growth with compounding cash flow

Adjusted EBITDA Free Cash FlowNet Revenue

Extraordinary Track Record of Performance

55

USD in millions


Delivering results and providing visibility to future revenue growth, margin expansion, and compounding cash flow

Volume Deliver above market growth Volume growth accelerating

PricingPrice realization exceeds

material and freight inflation10 consecutive quarters of favorable price/cost

ProductivityAnnual reduction in COGS

excluding volume/price/mix~$50M of savings achieved from 2018 – 2020

Fixed Cost Annual reduction in fixed costs 1.5M sq. ft. reduction in footprint since 2018

Working CapitalAnnual reduction in net working

capital as percent of revenue160 bps reduction as percent of sales 2018 - 2020

TARGET DEMONSTRATED TRACK RECORD

Multi-faceted Framework for Growth and Cash

56


2015 2020

Adjusted EBITDA Per Employee

2020 Cost of Goods Sold

Material

Labor

Freight

Variable Overhead

Fixed Overhead

2015 2020

Direct Labor % of Cost of Goods Sold

Highly Variable

Cost Structure

Enabled by JEM

57

Highly variable cost structure provides platform for profitable growth;JEM enables ongoing improvements in cost structure

Variable costs

Near-term fixed costs


High cash conversion supported by JEM and favorable tax attributes

11.6%

10.5%

10.0%

2018 2019 2020

105.4%98.4%

138.9%

2018 2019 2020

35.1%

22.2%

17.5%

2018 2019 2020

Net Working Capital %

of Sales (1)

D&A as % of Capital

ExpendituresEffective Cash Tax Rate

160 bps

reduction

enabled by

JEM

Capital

expenditures

at or below

D&A

Favorable tax

attributes

Attractive Cash Conversion Dynamics

58

1. Net working capital = Accounts receivable + Inventory – Accounts Payable – certain Accrued Expenses


Disciplined approach to capital allocation driving enhanced ROIC

8.8%

9.9%

11%-12%

2019 2020 2021F

Cash Deployed 2017 – 2020 (~$940M) Return on Invested Capital

Capital Expenditures

M&A

Share Repurchases

Debt Reduction

Return on invested capital = [(Adjusted EBITDA minus D&A) * (1 - 27% tax rate)] / [Current Assets - Non-Interest Bearing Current

Liabilities + Net PP&E + Goodwill and Intangibles + Operating Lease Asset - Cash in excess of $100M minimum operating cash]

Balanced and Disciplined Capital Deployment

59


ORGANIC REVENUE

CAGR 2021 -2025

Above market

= 6% to 8%

2025 ADJUSTED

EBITDA MARGIN

15% to 17%

FREE CASH FLOW

CONVERSION 2021 -2025

90% to 100%of adjusted net income

CAPITAL ALLOCATION

2021-2025

~$4 billionof M&A capacity(1);

share repurchase

as alternative

Multi-faceted growth platform will deliver growth, margin expansion,

and compounding cash flow through disciplined capital allocation

High Visibility to Achieving 2025 Targets

60


Well-positioned to deliver achievable long-term margin target

11.2%

15% to 17%

2025 Plan - Adjusted EBITDA Margin

61

Q&A Session

Appendix


Reconciliation of Non-GAAP

Financial Measures

Management uses certain non-GAAP financial measures and considers them to be important supplemental measures of the company's performance. In addition, management believes these non-GAAP financial

measures provide additional insight for analysts and investors in evaluating the company's financial and operating performance. These non-GAAP financial measures should not be considered alternatives to, or

more meaningful indicators of, the company's financial measures as prepared in accordance with GAAP. The company's methods of determining these non-GAAP financial measures may differ from the

methods used by other companies and may not be comparable. The company also provides certain guidance solely on a non-GAAP basis because the company cannot predict certain elements that are included

in certain reported GAAP results, including the variables and individual adjustments necessary for a reconciliation to GAAP. While management is not able to specifically quantify the reconciliation items for

forward-looking non-GAAP measures without unreasonable effort, the company expects these items to be similar to the types of charges and costs excluded from Adjusted EBITDA in prior periods. Management

bases the estimated ranges of non-GAAP measures for future periods on its reasonable estimates of such factors as assumed effective tax rate, assumed interest expense, stock-based compensation expense,

litigation expense, and other assumptions about capital requirements for future periods. The variability of these items may have a significant impact on our future GAAP financial results. We use Adjusted

EBITDA, Adjusted EBITDA margin, Adjusted net income, and Adjusted EPS because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a

consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management believes Adjusted EBITDA and Adjusted EBITDA margin are helpful in highlighting

trends because they exclude the results of decisions that are outside the control of management, while other measures can differ significantly depending on long-term strategic decisions regarding capital

structure, the tax jurisdictions in which we operate, and capital investments. We use Adjusted EBITDA and Adjusted EBITDA margin to measure our financial performance and also to report our results to our

board of directors. Further, our executive incentive compensation is based in part on Adjusted EBITDA. In addition, we use Adjusted EBITDA for purposes of calculating compliance with our debt covenants in

certain of our debt facilities. Adjusted EBITDA should not be considered as an alternative to net income as a measure of financial performance or to cash flows from operations as a liquidity measure. We define

Adjusted EBITDA as net income (loss), adjusted for the following items: loss from discontinued operations, net of tax; equity of non-consolidated entities; income tax (benefit) expense; depreciation and

amortization; interest expense, net; impairment and restructuring charges; gain on previously held shares of equity investment; (gain) loss on sale of property and equipment; share-based compensation

expense; non-cash foreign exchange transaction/translation (income) loss; other non-cash items; and costs related to debt restructuring and debt refinancing. Adjusted EBITDA margin is defined as Adjusted

EBITDA divided by net revenues. We present free cash flow because we believe it assists investors and analysts in determining the quality of our earnings. We also use free cash flow to measure our financial

performance and to report to our board of directors. In addition, our executive incentive compensation is based in part on free cash flow. We define free cash flow as cash flow from operations less capital

expenditures (including purchases of intangible assets). Free cash flow should not be considered as an alternative to cash flows from operations as a liquidity measure. We also present net debt leverage

because it is a key financial metric that is used by management to assess the balance sheet risk of the company. We define net debt leverage as net debt (total principal debt outstanding less unrestricted cash)

divided by adjusted EBITDA for the last twelve month period. Adjusted net income represents net income adjusted for certain items as presented in our reconciliation of non-GAAP, including the after-tax impact

of i) non-cash foreign currency (gains) losses, ii) impairment and restructuring charges, iii) one-time, non-cash gains, and iv) other non-recurring expenses associated with certain matters such as mergers and

acquisitions, and litigation. Adjusted EPS represents net income per diluted share adjusted to exclude the estimated per share impact of the same specifically identified items used to calculate adjusted net

income as described above. Where applicable such items are tax-effected at our estimated annual effective tax rate. We also present Return on Invested Capital (ROIC) because we believe ROIC is a

meaningful metric of how effectively we create value from cash deployment. Although ROIC is a common financial metric, numerous methods exist for calculating ROIC. Accordingly, the method we use may

differ from the methods used by other companies.

Due to rounding, numbers presented throughout this presentation may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures.

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Non-GAAP Reconciliation

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USD in millions

Year Ended December 31,

2015 2016 2017 2018 2019 2020

Net income $ 90.9 $ 376.1 $ 8.1 $ 141.9 $ 63.0 $ 91.6

Adjustments:

Loss from discontinued operations, net of tax 2.9 3.3 — — — —

Equity earnings of non-consolidated entities (2.4) (3.8) (3.6) (0.7) — —

Income tax expense (benefit) (5.4) (246.8) 137.8 (10.1) 57.1 25.1

Depreciation and amortization 95.2 108.0 111.3 125.1 134.0 134.6

Interest expense, net 60.6 77.6 79.0 70.8 71.8 74.8

Impairment and restructuring charges 31.0 18.4 13.1 17.3 22.7 10.7

Gain on previously held shares of equity investment — — — (20.8) — —

(Gain) loss on sale of property and equipment (0.4) (3.3) (0.3) 0.1 1.7 (4.2)

Share-based compensation expense 15.6 22.5 19.8 15.1 13.3 16.4

Non-cash foreign exchange transaction/translation loss

(income) 2.7 5.7 (1.2) (1.3) 3.4 12.9

Other non-cash items 1.1 2.8 0.5 3.9 0.7 —

Other items 18.9 30.6 47.0 117.5 47.3 84.1

Costs relating to debt restructuring and debt refinancing 0.2 1.1 23.7 0.3 — 0.2

Adjusted EBITDA $ 311.0 $ 392.2 $ 435.2 $ 459.2 $ 415.0 $ 446.4

Year Ended December 31,

2015 2016 2017 2018 2019 2020

Net cash provided by operating activities $ 172.3 $ 201.6 $ 265.8 $ 219.7 $ 302.7 $ 355.7

Less capital expenditures (1)(77.7) (79.5) (63.0) (118.7) (136.2) (96.9)

Free cash flow $ 94.7 $ 122.1 $ 202.7 $ 101.0 $ 166.5 $ 258.8

(1) Capital Expenditures defined as purchases of property, equipment and intangible assets


End Market Channel Product

Leading doors and windows solutions

Overview

• ~$520 million provider of windows, doors, and ancillary products, primarily for the residential

new construction and repair and remodel markets

• Broad portfolio of well-established brands, with #1 share position in both windows and doors

Australasia

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2 0 2 0 R E V E N U E

Residential New Construction

Residential Repair and Remodel

Non-residential

Doors

Windows

Other

Direct to Builder/Consumer

Traditional Distribution

Retail/Home Center

JELD-WEN Inaugural Investor Day

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